We study a two-sided markets model of two competing television stations that offer content of differentiated quality to ad-averse consumers and advertising space to firms. As all consumers prefer high over low quality content, competition for viewers is vertical. By contrast, competition for...

Newspapers' advertising revenues have declined sharply in recent decades. We build a model to investigate the consequences on newspapers' content and prices of a reduction in advertisers' willingness to pay. Newspapers choose the size of their newsroom, and readers are heterogeneous in the...